In the CGE based policy modeling literature, especially recent literature on policy modeling for global climate change, nested CES production functions over multiple inputs have been widely used. Although lack of reliable estimates of substitution elasticities for nested structures has been...

This study analyzes the conditions for the existence of a non-trivial steady-state equilibrium in an overlapping generations (OLG) model. Galor and Ryder (1989) and subsequent studies established the conditions for the existence of equilibrium in a OLG model. Although commonly used and...

This paper reviews the status quo of the empirical and theoretical literature on the determinants of the elasticity of substitution between capital and labor. Our focus is on the two-input constant elasticity of substitution (CES) production function. By example of the U.S., we highlight the...